Where will Peyton Manning end up next season? In Miami? Washington? San Francisco? A hospital's intensive-care unit?

Today, according to multiple reports that originated with ESPN, Manning and the Colts will cut ties after 14 years together. Whoever signs him will gain a huge asset and terrifying liability.

If, at age 36 with a pair of fused neck vertebra, Manning can play close to his peak for an entire season, his new team will not regret a dime of what it cost to land him. His absence in the 2011 season devastated the Colts, turning them into the worst team in the NFL after nine straight seasons with 10 wins or more. Without Tom Brady in 2008, the Patriots still won 11 games.

In recent weeks, testimonials to Manning's renewed health and arm strength have come from his father, Archie, and a YouTube video. But even if he appears healed now, how long can that last? The throwing session featured in the video did not include a pass rusher in his face, much less a blitz from his blind side.

Manning underwent at least three neck surgeries in less than two years, and that vertebra fusion sounds horrific. He reportedly has been medically cleared to play, but every hit he takes next season will be doubly unnerving.

The 49ers keep turning up on lists of prospective destinations, mostly because the team has yet to sign Alex Smith and because the prospect of Manning at peak performance fuels big dreams. But if the 49ers got into a free-agency scrum for the four-time MVP, they'd be taking a radically different tack than they did before the 13-3 first season of the Jim Harbaugh-Trent Baalke administration. They waited out the bidding frenzy after the NFL lockout, scooping up players left on the shelf at relatively bargain prices.

Acquiring Manning would be a flashy move, which better fits the style of the Dolphins under owner Stephen Ross. Whichever team gets Manning will be scrutinized endlessly, as will the offensive linemen who have to protect him. Nightmares hover over every NFL dream. In Manning's case, they've been fused.